3 types of cyber insurance and what they typically cover
This plan covers losses resulting from identity theft.
Scams - phony invoices, money transfers
This plan covers financial losses that result from data breaches and other cyber events.
Cyber Extortion and Ransomware
Cyber extortion insurance covers reasonable and necessary expenses your business incurs due to a network extortion threat.
Having coverage and being eligible for a payout are NOT the same thing
Just because you have a cyber insurance policy means you are automatically eligible for a payout.
To maintain a good standing with a cyber insurance company, you must be compliant with their standards, which usually means having a strong cybersecurity posture.
Many insurance providers are unwilling to take excessive risk associated with providing cyber insurance.
Without a proper cybersecurity posture, the risk may be too high for insurance companies. Ransomware risk is increasing and developing more sophisticated techniques to gain access.
Why your Business needs Healthcare Practice IT
Getting and keeping coverage can be difficult for businesses to navigate on its own. By working with us, you can not only prevent incidents but also ensure compliance with your cyber insurance provider's policy requirements, increasing your chances of a payout in the event of an incident.
Want to talk how we can make a difference for your business?
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